Transocean Rather Lands Contract from Chevron North Sea

Chevron North Sea Limited and its partners Statoil, OMV and DONG, have awarded a contract to Transocean's semisub, Transocean Rather, to perform an appraisal and exploration drilling program West of Shetland commencing the second quarter of 2006.

It is the company's intent to use the Transocean Rather to appraise the oil and gas discovery at the offshore Rosebank/Lochnagar location (213/27-1Z) in the Faroe-Shetland Basin, initially discovered in August 2004.

Gary Luquette, President and Managing Director for Chevron Upstream Europe, said, "We are extremely encouraged by the preliminary results of this exploration program which is very much aligned with Chevron's strategy to achieve superior exploration success from a focused, high-impact exploration program. This follow-up will give us the opportunity to decide whether this find has potential for future development."

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